The San Diego housing market is in a crisis due to a lack of inventory, with home sales dropping significantly in September 2023 compared to August and September 2022. Average prices remain high, while the median single-family home price dipped 1.6%. The rise in interest rates from 3% to over 7% has caused many to be more hesitant to sell, and unless interest rates drop to around 5.5%, the market is expected to remain slow. SANDAG funds are being used to accelerate new home construction in an effort to address the housing crisis.
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